Thomson Reuters webinar lays out your strategy with Legal Tracker Advanced
Businesses rely on legal teams to minimize risk, manage costs, and protect them in litigation. Achieving these goals with lean teams demands better workflows, processes, technology, and data to drive smarter decisions and deliver both excellence and cost savings.
Fred Paulmann, founder and CEO of the Counsel Management Group teamed up with Thomson Reuters product leaders Alex Dobson and William Womack to provide strategies and tools for delivering better litigation outcomes on a budget in this webinar.
They focused on great data, prioritization, and driving greater value from law firms. Then they looked at how Legal Tracker Advanced can help legal teams deliver on their goals while staying on budget.
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| Three strategies for driving better litigation outcomes |
| Legal Tracker Advanced helps drive better outcomes |
| Next level risk assessment |
Three strategies for driving better litigation outcomes
Managing legal operations effectively is a complex task. With increasing workloads and limited time, it’s crucial for legal departments to optimize in-house operations, outside counsel selection, and overall efficiency. Partnering with law firms to deliver both exceptional work and value is key. Here are three strategies to achieve these goals:
Strategy 1: Rely on good data
To manage effectively, legal departments need reliable data. You can only manage what you measure. General counsel across industries report significant cost pressures from business leaders—69% of them face moderate to significant challenges.
Data answers critical questions: Are we efficient? Is the cost reasonable? Without clear benchmarks, it’s hard to gauge budgets or spot inefficiencies.
Fortunately, tools and resources are available to provide this data. Armed with accurate metrics and benchmarks, legal teams can manage their matters with the precision expected of finance or operations professionals. Data-driven decision-making sets the stage for improved efficiency and better outcomes.
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Strategy 2: Triage and reallocate work
Once data is in place, the next step is to use it to triage and reallocate work. Performance metrics enable legal departments to evaluate which matters can be handled in-house versus those best suited for outside counsel.
Sixty-eight percent of legal professionals prioritize bringing work in-house, while 48% recommend shifting tasks to lower-cost firms, guided by data to match firms to matters.
How do you decide? Data and performance patterns play a crucial role in identifying the firms with the right expertise and value for each matter. Metrics ensure informed decisions, maximizing efficiency while maintaining quality.
Strategy 3: Drive greater value from law firms
Getting value from law firms isn’t a one-time conversation at the start of a matter; it’s an ongoing process. Effective management requires continuous monitoring of performance throughout the lifecycle of a matter—quarter by quarter, year by year.
This process relies on productivity tools, dashboards, and metrics. These tools help identify which matters are on track and which require intervention. By focusing their attention where it’s needed most, legal departments can keep matters on course and deliver high-quality outcomes.
Achieving this with lean teams requires a combination of better workflows, processes, technology, and data. Together, these elements create the productivity gains necessary to meet the dual goals of cost savings and excellence.
For a deeper dive into how tools like Legal Tracker Advanced support these strategies, let’s explore specific features and applications.
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Legal Tracker Advanced helps drive better outcomes
Legal Tracker Advanced empowers legal departments to save up to 15% on legal spend while driving better outcomes.
Rate management
Legal Tracker Advanced simplifies rate management for legal departments with real-time dashboards showing internal and external benchmarks to assess proposed rate increases. Enhanced workflow tools enable quick analysis, track timekeeper rate histories, and implement strategies. Automation features allow for predefined rate approvals or rejections, while rate freezes and negotiations streamline decision-making within the platform.
Matter pricing and requests for proposals
Legal teams use this capability to make data-driven decisions by comparing firms within their own data and a $250 billion global benchmark. It automates the bidding process, allowing multiple firms to compete for legal work at the matter level. The result is better legal services at competitive prices with streamlined efficiency.
Spend Analytics powered by Westlaw
The new Spend Analytics feature in Legal Tracker Advanced, powered by Westlaw, consolidates firm performance, judge tendencies, and opponent data for smarter, streamlined decision-making. From optimizing spend to comparing firms and refining your legal strategy, it takes the guesswork out of managing legal operations.
Next level risk assessment
With access to detailed data on judges, opposing counsel, and venues, legal teams can make smarter decisions about litigation and law firm selection. This tool helps assess risks more accurately, choose the right strategies, and achieve better outcomes—saving costs while protecting the company, its brand, and its people effectively.
See how Legal Tracker Advanced with Spend Analytics helps you deliver better litigation outcomes. Watch the webinar.
